By comparison, Institutional Securities posted a $779
million pre-tax loss, with almost every incremental indicator of
the strength of the investment banking and trading unit showing
weakness.

Asset Management reported fourth quarter pre-tax income of $78
million, compred to $353 million from the same period last year.

In the
full release, Chairman and CEO James Gorman said, "For the past year, Morgan
Stanley has made enormous progress by addressing a number of
outstanding strategic and legacy issues. These included the
conversion of MUFG’s preferred investment into common stock and
the settlement with MBIA. Importantly, we also achieved market
share gains across our institutional businesses, as well as
significant net flows into our Global Wealth Management and Asset
Management platforms. We ended the year in better shape than
where we started and we are well positioned to deliver improved
returns to shareholders in 2012 and beyond."